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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CACI International Inc | NYSE:CACI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
3.99 | 0.97% | 414.95 | 416.94 | 410.665 | 413.79 | 115,526 | 01:00:00 |
Acquires the Systems Engineering and Acquisition Support Services Business Unit Supporting the U.S. Navy From General Dynamics
Brings Decades of Premier Ship Systems Expertise
CACI International Inc (NYSE: CACI) announced today that it has completed its acquisition of the Systems Engineering and Acquisition Support Services Business Unit (SE&A BU) of CSRA LLC, a managed affiliate of General Dynamics Information Technology, Inc. This is a highly specialized provider of comprehensive engineering services to the U.S. Navy. The acquisition unites two businesses with long-term customer relationships, complementary capabilities, and premier technical credentials, expanding CACI’s legacy work for the U.S. Navy. We are raising the FY19 guidance we issued on August 15, 2018 as a result of the acquisition.
With a purchase price of $84 million, the transaction is expected to add approximately $150 million to CACI’s Fiscal Year 2019 (FY19) revenue, with EBITDA margins in line with CACI’s existing business. And it is expected to be GAAP accretive to CACI’s FY19 earnings per share.
Through this acquisition, CACI gains a multi-decade legacy of support for the lifecycles of virtually every major U.S. naval shipbuilding platform. This includes program support, integrated lifecycle planning and support, systems engineering and integration, system design and development support, and test and evaluation services. The acquisition brings a strong pipeline of business with customers that include the Naval Sea Systems Command and other Navy commands and offices, and grows CACI’s business in its Surveillance and Reconnaissance and Logistics and Material Readiness markets. Their workforce includes approximately 960 highly credentialed professionals, more than 89 percent of whom possess security clearances.
Dr. J.P. (Jack) London, CACI Executive Chairman and Chairman of the Board, said, “This acquisition reinforces our commitment to sustain and enhance CACI’s decades of quality service to the U.S. Navy. Their dedicated and highly skilled professionals are a solid fit with our culture of ethics, integrity, innovation, and ingenuity. CACI’s mergers and acquisitions strategy continues to deliver long-term value to our customers and shareholders.”
Said Ken Asbury, CACI President and Chief Executive Officer, “The acquisition of the Systems Engineering and Acquisition Support Services Business Unit will support CACI’s growth and amplify our position as a leading solutions and services provider to the U.S. Navy. This team brings us an exceptional track record of winning major Navy programs of record, unrivaled subject matter expertise, and deep customer relationships, which gives us a significant competitive edge in pursuing large-scale, enduring opportunities across the Navy. We welcome these highly skilled and talented employees to CACI.”
CACI Raises Its FY19 Guidance
The table below summarizes our FY19 guidance and represents our views as of August 15, 2018.
(In millions except for tax rate and earnings per share)
Current FiscalYear 2019Guidance
Previous FiscalYear 2019Guidance
Revenue $4,700 - $4,900 $4,550- $4,750 Net income $234 - $244 $230 - $240 Effective corporate tax rate 24.9% 24.9% Diluted earnings per share $9.14 - $9.53 $8.98 - $9.38 Diluted weighted average shares 25.6 25.6CACI provides information solutions and services in support of national security missions and government transformation for Intelligence, Defense, and Federal Civilian customers. A Fortune World’s Most Admired Company, CACI is a member of the Fortune 1000 Largest Companies, the Russell 2000 Index, and the S&P SmallCap600 Index. CACI’s sustained commitment to ethics and integrity defines its corporate culture and drives its success. With approximately 19,800 employees worldwide, CACI provides dynamic career opportunities for military veterans and industry professionals to support the nation’s most critical missions. Join us! www.caci.com.
There are statements made herein which do not address historical facts, and therefore could be interpreted to be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. The factors that could cause actual results to differ materially from those anticipated include, but are not limited to, the successful integration of the SE&A BU’s operations and employees, actual revenue and earnings realized by the SE&A BU and the performance of the SE&A BU, and the risk factors set forth in CACI’s Annual Report on Form 10-K for the fiscal year ended June 30, 2017, and other such filings that CACI makes with the Securities and Exchange Commission from time to time. Any forward-looking statements should not be unduly relied upon and only speak as of the date hereof.
CACI-Company News
View source version on businesswire.com: https://www.businesswire.com/news/home/20180816005137/en/
CACI International IncCorporate Communications and Media:Jody Brown, Executive Vice President, Public Relations703-841-7801jbrown@caci.comorInvestor Relations:David Dragics, Senior Vice President, Investor Relations866-606-3471ddragics@caci.com
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